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0 FIRST AMENDMENT TO
DISPOSITION AND DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO DISPOSITION AND DEVELOPMENT
AGREEMENT (this “First Amendment”) is made and entered into as of December 12, 2023 (“Effective Date”), by and between the LANCASTER HOUSING AUTHORITY, a public body corporate and politic (“authority”), and RAVELLO HOLDINGS, INC., a California corporation (“Developer”) (Authority and Developer are sometimes singularly referred to as “Party” and collectively referred to as “Parties”).
R E C I T A L S
A. The Parties entered into a Disposition and Development Agreement dated as of May 10, 2023 (“DDA”), concerning certain parcels of real property described in Attachment 1 to the DDA (collectively, “Original Site”).
B. The Parties desire by this First Amendment to reduce the Purchase Price (as defined in Section 2.1 of the DDA) by Forty Thousand Dollars ($40,000.00) in order to compensate and reimburse Developer for certain work needed to clear title exceptions and/or otherwise put title in a condition acceptable to Developer.
NOW, THEREFORE, in consideration of the mutual promises set forth in this First Amendment and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the Parties, the Parties agree as follows:
1. Amendment of Purchase Price. The purchase price of each parcel as set forth in Section 2.1. of the DDA shall be reduced as follows: (a) the purchase price of the Phase 1 Parcel shall be and hereby is reduced by $13,333.00; (b) the purchase price of the Phase 2 Parcel shall be and hereby is reduced by $13,333.00; and (c) the purchase price of the Phase 3 Parcel shall be and hereby is reduced by $13,334.00.
2. No Further Changes. Except as expressly provided to the contrary in this First Amendment, the terms of the DDA shall remain in full force and effect as written. All terms used herein and not defined herein but defined in the DDA shall have the meaning given to such terms therein.
3. Effectiveness. This First Amendment shall become effective immediately upon execution by the Parties.
4. Authority to Enter Amendment. Each Party warrants that the individuals who have signed this First Amendment have the legal power, right, and authority to make this First Amendment and bind each respective Party.
5. Counterparts; Electronic Execution. This First Amendment may be executed in multiple counterparts by the Parties. All counterparts so executed shall constitute one agreement binding upon the Parties, notwithstanding that the Parties are not signatories to the original or the same counterpart. Each counterpart shall be deemed an original to this First Amendment, all of which shall constitute one (1) agreement. Documents executed, scanned, and transmitted electronically and 2 3
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0 electronic signatures shall be deemed original signatures for purposes of this First Amendment and all matters related thereto, with such scanned and electronic signatures having the same legal effect as original signatures. This First Amendment, any other document necessary for the consummation of the transaction contemplated by this First Amendment may be accepted, executed or agreed to through the use of an electronic signature in accordance with the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., the Uniform Electronic Transactions Act, Cal. Civ. Code § 1633.1 et seq., and/or any other applicable law.
[Signatures begin on next page.]
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0 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first written above.
CITY:
CITY OF LANCASTER, a charter city and
California municipal corporation
By: Jason Caudle
Its: City Manager
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
DEVELOPER:
RAVELLO HOLDINGS, INC.
a California corporation
By: Phil Ram
Its: Chief Executive Officer